Hyperbole is seemingly the pundit's stock in trade, including me in my title. Some nattering nabobs will take about Obama "losing Egypt"; this wasn't the Cairo at the bottom of Illinois, folks. It wasn't ours to lose, unless you wanted to send the 101st Airborne into assist Mubarak and company and go back to the "He's our SOB" strategy of the Cold War era.
Likewise, "Obama gives Iran the bomb" isn't quite accurate, given that we're not loading up a C-130 with some spare warheads. It slows them down a bit, but that's better than none at all.
North Korea is the analogy that the hawks like Mr. Babbin are rolling out; if the North were Pinocchio, you could use the nose to build a monorail to Japan if Dear Leader would stand still. However, North Korea is such a basket case, the Basket Anti-Defamation League is lodging a complaint over being compared with them.
The North Korean have nothing to sell but weapons and blackmail. Without their military, they're Bangladesh with bad fashions.
On the flipside, Iran has stuff to sell, most notably oil. We're getting less dependent than we were with oil shale coming on line, so much so that the coal-like byproducts from gasoline refining are starting to pile up, but the oil market could still use some extra supply.
Yes, there is the Islamic tradition of being able to freely bail on a deal with an infidel, not to mention the various bad actors on the Iranian payroll like Syria and Hezbollah. The same could have been said of the Soviets, but we eventually wound down the Cold War.
We might be dealing with an Iranian Gorbachev instead of an Iranian Kim. I don't think I'm having too much of a neocon hangover, but Ron Paul might actually make some sense if you throw out his blaming Iranian nukes on our installing the Shah 60 years ago. Might... I haven't gotten up to escape velocity in order to get to his planet quite yet.